You don't see this sort of thing every day.
The CEO of Bridge Capital, John K. Baldwin, lives and works in the Northern Mariana Islands — "one of the two insular area Commonwealths of the United States of America, the other being Puerto Rico", per Wikipedia, Blawgletter's main source for facts whose accuracy doesn't
Does the taxing power of Congress extend federal authority beyond the reach of the commerce clause — does it let Congress do more than it could under its power to regulate commerce? Or does it just provide a way to enforce proper exercises of the commerce power (or some other source of federal power)?
A
By a 5-4 vote, the U.S. Supreme Court today upheld the penalty in the Affordable Care Act for not buying health insurance as within Congress's constitutional power to tax. Nat'l Federation of Independent Business v. Sebelius, No. 11-393 (U.S. June 28, 2012).
The majority consisted of Chief Justice Roberts, who wrote the main opinion, and
If you've tired of hearing campaign promises about tax cuts, repeal of tax cuts, extension of tax cuts, tax cuts for the middle class, tax cuts for income over $250,000 a year, and the like — relax. Let Blawgletter tell you about an entirely other subject: tax avoidance.
And not just any kind of tax
Blawgletter often handles business cases on a contingent fee basis. We earn a percentage of the client's recovery. No recovery, no fee.
But guess what? The client may owe tax on the recovery. Which could of course affect the client's net. And the Internal Revenue Service may regard the entire recovery — including the contingent